Verra launches $650 million term loan B at Libor plus 275-300 bps

By Sara Rosenberg

New York, March 15 – Verra Mobility Corp. held a lender call at noon ET on Monday to launch a $650 million seven-year term loan B (B1/BB-) that is talked at Libor plus 275 basis points to 300 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc. is the lead on the deal.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used with $350 million of senior unsecured notes to repay an existing $866 million term loan B due 2025, to fund the purchase price for the acquisition of Redflex Holdings Ltd. and for general corporate purposes.

Verra Mobility is a Mesa, Ariz.-based provider of smart mobility technology solutions.

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